Back to Invoice Plus - Pays the difference between your motor insurer's settlement and the original vehicle invoice price or the outstanding finance balance, whichever is higher at the time of the incident.

Vehicle Replacement Plus - Pays the difference between your motor insurer's settlement and the cost of replacing your vehicle new for old or with one of a similar age as the original or the outstanding finance balance, whichever is higher at the time of the incident.

3. My vehicle is leased with no option to purchase at the end of the term e.g. Contract Hire, Operating Lease

Contract Hire Plus - Covers up 100% of the outstanding rentals on a lease or contract hire vehicle as well as any difference in residual value.

4. My car was purchased privately, not from a dealer

Agreed Value – Pays the difference between your motor insurer's settlement and either the price you paid for your car or the Glass's Guide Retail Value of your car at the time the policy is purchased, whichever is the lesser.

If you’re unlucky enough to have your vehicle stolen or written off in an accident your Comprehensive insurer will only pay you the market value of the car at the time.

This market value is usually taken from Glass’s Guide, the leading British motor traders guide to used car prices, often referred to in the trade as "The Bible."

If you get less than the Glass’s Guide retail value from your insurer and your GAP policy contains a market value clause, you could be left with less money that you thought. Your GAP policy will only pay from the Glass’s Guide value, not what you’ve actually been paid by your motor insurer, leaving you out of pocket.

ALA do not have these clauses in our policies, we will simply cover the difference between your motor insurer’s settlement to the original cost of your vehicle.

Free Transfers

Most of the time, your GAP policy expires when you sell your vehicle; ALA will let you transfer the unused premium in your policy if you decide to change your vehicle – and we won’t charge any admin fees!

A Rated Underwriters

It can be difficult to know who to trust. ALA can give you peace of mind as a reputable company that is fully authorised and regulated by the Financial Conduct Authority, all GAP policies underwritten by UK General Insurance Limited on behalf of Great Lakes Insurance SE, an A rated underwriter, whose policies are covered under the Financial Services Compensation Scheme (FSCS).

Time Limit to Make a Claim

Most GAP policies allow 30 days to make a claim but ALA gives you 120 days, giving you that extra time just when you might need it most.

Deferred Policies

Increasingly motor insurers are offering new-for-old replacement on brand new vehicles in the first year. This might make you think that you need to defer the start of their GAP policy or think that you don’t need GAP insurance at all.

You could be left out of pocket if your car is written off during that first year, as your insurance company might only pay you the market value of the car, not the full replacement cost. This can be for various reasons such as exceeding pro-rata mileage, condition of the vehicle, if the vehicle is stolen rather than being involved in an accident or if a replacement vehicle cannot be located within a 6 week timeframe.

You might think it’s a bit of a “belt and braces” approach but it makes sense to have your GAP policy running alongside this new-for-old period. Also, you only have 180 days as a maximum to buy a GAP insurance policy; if you leave it later than this you won’t be able to buy cover.

If your insurer gives you a new replacement vehicle, then ALA will transfer your policy onto that vehicle at no extra cost. If you only receive market value then you at least have your GAP policy to fall back on to cover the difference.